A recent survey conducted by IBM’s Institute for Business Value revealed that the majority of banking and financial markets CEOs are recognizing the potential benefits of artificial intelligence and automation. Two-thirds of the CEOs surveyed expressed that the productivity gains from AI and automation are so significant that they are willing to accept the risks associated with implementing these technologies to remain competitive.
The research also highlighted that many financial institution leaders believe that the success of AI adoption will depend more on human adoption than the technology itself. This finding emphasizes the importance of ensuring that employees are on board with the rapid adoption of AI, even if it might be quicker than some are comfortable with.
In terms of skills, the survey found that many CEOs are struggling to fill key technology roles, with more than half indicating that they are facing challenges in this area. Additionally, half of the financial services CEOs surveyed mentioned that they are hiring for roles related to generative AI that did not even exist last year, demonstrating the rapid changes occurring in the workforce.
While there is a strong push towards AI adoption in the industry, CEOs also recognize the necessity of maintaining customer trust. The majority of CEOs surveyed agreed that customer trust will have a greater impact on success than any specific product or service. This highlights the importance of transparency in the adoption of new technologies to build trust among customers and employees.
The study also revealed that BFM CEOs are aware of the need for a cultural shift within their organizations to successfully scale AI. CEOs acknowledged that cultural change is more critical than overcoming technical challenges in becoming a data-driven company. However, challenges related to collaboration, competition among C-Suite executives, and ensuring that employees understand the impact of strategic decisions are being faced by these leaders.
Overall, the survey showed that the banking and financial markets industry is at a critical juncture, where CEOs are recognizing the transformative potential of AI and automation. While there are challenges to navigate, such as workforce skills, cultural change, and maintaining customer trust, CEOs are committed to driving innovation and leveraging AI to remain competitive in the rapidly evolving financial services landscape.
Article Source
https://www.prnewswire.com/news-releases/ibm-study-banking-and-financial-markets-ceos-are-betting-on-generative-ai-to-stay-competitive-yet-workforce-and-culture-challenges-persist-302162362.html
